Address: 3B, 3rd Floor, Bahria Complex IV
Ch. Khalique-uz-Zaman Road
Gizri, Karachi – 75600, Pakistan
Phone: +92 310-000-GCTP (4287)
Email: [email protected]
These terms and conditions apply from February 1, 2022.
These terms and conditions apply to sellers and buyers who use our platform for sale and purchase of commodities and related logistical services (“Buying and Selling Commodities”) available through our website at www.gctp.com.pk or our mobile app.
In this Agreement, “we”, “us” or “our” means Global Commodity Trading Platform Limited (“GCTP”), “buyer” means a party buying commodities through us, “seller” means a party selling commodities through us and “you” or “your" means a customer of GCTP, whether a buyer or seller. “Commodities” means any commodity as identified and permitted by GCTP to be bought or sold on our platform.
Each Buying and Selling Commodities transaction is a separate purchase contract which incorporates these terms and conditions (“Purchase Contract”).
A Purchase Contract will contain specific details of each Buying and Selling Commodities transaction, the description and quality of the commodities, details regarding delivery and the payment milestones and amounts to be exchanged.
Other terms also apply upon you including our Privacy Policy and Terms of Use.
Together these documents contain legal obligations for you and for us so you should read them carefully to make sure you understand them. If you have any questions, please contact us: +92-21-111-623-623.
You can get a copy of this Agreement, a Purchase Contract, the Privacy Policy and/or the Terms of Use at any time from our website at www.gctp.com.pk, by calling us at +92-21-111-623-623, or emailing us at [email protected].
We provide Buying and Selling Commodities fulfillment services (“Fulfillment Services”) to facilitate buyers and sellers to buy and sell commodities through our platform.
“Purchase Contracts” are contracts for the purchase and sale of commodities priced and to be delivered on particular dates.
Purchase Contracts are based on a standard template containing salient commercial terms relating to a particular transaction and are transferable in accordance with its terms.
A “Business Day” is a day other than a Saturday, Sunday or public holiday on which banks are open for business in Pakistan.
To provide you with our Fulfillment Services, we must collect certain information about you and any individuals you appoint to provide instructions on your behalf (“Authorized Person”).
These include details such as your name, contact details, date of birth, proof of your identity and/or financial affairs. If you are a business, this includes information about the way you are set up, your directors or management body, the law you are subject to and ownership.
We need this to verify your identity and ensure we meet our regulatory obligations. We may also need to update this information during the term of this Agreement. If you do not give us this information or we are not satisfied with it, we may not be able to provide any services to you.
We also carry out electronic database searches and credit searches to verify your identity and, if necessary, the identity and credit standing of your directors and Authorized Persons.
You acknowledge and agree that we may use, store, retain and otherwise process information, including personal information, or data provided by you in connection with this Agreement. You may withdraw this agreement by terminating this Agreement. We may still need to use your information for other purposes, for example, to keep records for regulatory reasons.
For more information about the personal information we collect, how we use it, and who we share it with please read our Privacy Policy.
Where we need to contact you under this Agreement, we will do so by email, text or telephone, using the details you most recently gave us. We may also contact you through our Online Portal available at gctp.com.pk and our app (“Online Portal”). We will tell you if there are any technical requirements you need to receive these messages.
We record telephone calls to record your instructions, and for training and quality purposes. In the event of any dispute, the recording or transcript of our telephone conversation may be used as evidence as to the terms of the agreement that was entered into.
You must ensure that all information provided to us is accurate and up-to-date at all times. You must tell us of any changes by calling us, updating your details in our Online Portal, or emailing us (where we have agreed this with you), as soon as practicable, and in any event within 14 days of the change. If you do not, this may impact the services that we can offer you, for example, we will continue to send messages to the email address we have for you so you may miss out on notifications.
Where notice in writing is required under this Agreement, it may be sent by email. Email is deemed to be received when it was sent provided no message of non-delivery was received by the sender.
We may make changes to this Agreement by informing you, either by email or posting new terms on our Online Portals.
We can make changes:
1. Because we are changing a service we offer or introducing a new service;
2. To take account of developments or expected changes in technology, the banking system or industry;
3. Due to a change or expected change of law or regulation;
4. Due to changes in our costs which mean we may need to change or introduce fees; or
5. To manage our business sustainably over the long term.
The amount of notice will depend on the type of changes we are making. Otherwise, we can make the change by telling you beforehand. This will not affect any rights or obligations you already have, but you will be bound by the new terms when you enter into subsequent Buying and Selling Commodities transactions.
If you don’t tell us you want to terminate this Agreement before the change happens, then we’ll treat you as having accepted the change. If you wish to terminate this Agreement, you can do so without charge but you will need to complete any Buying and Selling Commodities transactions that have been executed.
If you appoint an Authorized Person(s), they may have unlimited authority to give us instructions on your behalf or, if you are a business, you may specify the actions they are authorized to undertake. This Agreement will also apply to them but you remain responsible – any references to ‘you’ will also include Authorized Persons where applicable.
We will rely on instructions from Authorized Persons until such time as you revoke or vary that authority by giving us [48 hours’] notice in writing or by calling us. If you wish to appoint or change an Authorized Person, please contact us for more information.
We will issue, or you can choose, a username and personalized security credentials (such as a password or fingerprint) and security questions (“security procedures”) so that you can give us instructions. We may accept any instructions received using the security procedures without further checking the identity of the person or user.
You must take all reasonable steps to keep your security procedures secret and safe, and you must take all reasonable steps to prevent loss, theft or fraudulent misuse of them, for example, you should not write them down in a format that is recognizable, save them electronically, choose simple passwords, or let someone else use them unless they are an Authorized Person.
If you know or suspect that your security procedures have been lost, stolen or misappropriated, or that there have been unauthorized transactions or payments or other security breach, you must notify us immediately by calling us on the numbers above or emailing us at [email protected].
We will prevent the use of your security procedures if we reasonably believe that:
• It is appropriate to protect the security of your security procedures or access;
• Their use is or may be unauthorized or fraudulent;
• It may otherwise compromise our security measures; or
• We have to do so under an applicable law or regulation or order of a court or other regulatory body.
We will tell you if we need to stop or suspend the use of your security procedures, using the contact details you have provided to us, unless that would break the law. If we cannot contact you in advance, we will attempt to contact you as soon as possible afterwards. Unless we have terminated the Agreement as a result, we will allow you to use your security procedures again once the reasons for taking such action no longer apply.
We will also tell you if we become aware of a security breach that could impact you and let you know any steps you should take to reduce any risk to you.
We may apply limits to the number of transactions that you can make each day. We may also apply limits to the amount of money that you can transfer each day. Where this is the case, we will notify you separately and let you know if there is another way you can give us your instructions.
We may refuse to offer you our Fulfillment Services at any time for any reason. However, once we accept a Buying and Selling Commodities instruction, we’ll provide you with Fulfillment Services or follow payment instructions you give us unless:
1. They are not complete or you have not provided us with information we have asked for;
2. We do not think they came from you;
3. You have not paid us money you owe us;
4. You are located in certain countries where we do not do business;
5. It would mean we may break the law, regulation, code, or other duty that applies to us or may expose us to claims by third parties;
6. We reasonably think a payment is connected to fraud, money laundering, terrorist financing, tax evasion, or other criminal activity; or
7. We believe it could expose us or another GCTP company to legal or regulatory action.
There may be a delay in the Fulfillment Services we provide while we check that none of the above reasons apply. We’ll tell you if we are unable to provide you with Fulfillment Services or make a payment and what needs to be done either by us or by you to correct any errors in the instruction.
Responsibilities of Seller for Listing of Commodities
• Seller shall visit our Online Portal and check if the desired commodities are listed and approved by us
• Seller shall deposit required security money before publishing their commodities at the platform. The security deposit requirement will be calculated at the time when Seller wishes to list their commodities.
• The Seller shall only pay the monies from their registered bank to the GCTP bank account in Pak Rupees (PKR) against the payment advice.
• Seller shall notify us about the fund''''s transfer and provide supporting payment evidence through our online portal.
• Seller may request for withdrawing any security deposit if the same is not allocated against any published order or sold quantity.
• Once the security deposit is received in the GCTP bank account, we will publish the Seller''''s order onto the market catalogue for Buyers.
If you wish to enter into a Purchase Contract, you may do so by giving us instructions through our Online Portal only.
Your Buying and Selling Commodities instruction needs to include the commodities you want to sell.
On receipt of your Buying and Selling Commodities instruction, we will specify the transaction details in a Purchase Contract including but not limited to:
1. The price, quantity and quality specifications of the commodity being brought and sold.
2. The exchange rate (if any) being applied if there is a difference in currencies;
3. Any applicable fees and taxes;
4. The identity of the buyer along with the terms of their advance and final payment;
5. The identity of the seller (provided by using the seller’s ID number) along with the terms of their security deposit;
6. The “Booking Date”, that is the date the buyer submits a Buying and Selling Commodities instruction and has paid the required level of advance payment to confirm the transaction;
7. The “Delivery Date”, that is, the date on which the sale and purchase of the commodity, pursuant to the Buying and Selling Commodities instructions, is expected to be concluded, which is in other words, the date written on the bill of lading.
Seller per unit price will be indicative with Ex-Warehouse and will be recalculated after confirming the Buying and Selling transaction based upon your ordering quantity.
When you confirm the Buying and Selling Commodities instruction, it becomes legally binding and you are bound to perform your obligations for the Buying and Selling Commodities transaction in accordance with the terms of the relevant and applicable Purchase Contract and this Agreement.
The transaction becomes legally binding when you confirm the Buying and Selling Commodities transaction details through our Online Portal.
You may only take action to correct any of the Buying and Selling Commodities transaction details set out in the Purchase Contract if it does not reflect the transaction details that have already been agreed.
This is because we enter into a matching transaction with a counterparty at the same time as facilitating agreement on a Purchase Contract. We commence the steps involved in our Fulfillment Services as soon as we have confirmed instructions from you as a buyer via a Purchase Contract along with cleared funds reflecting amounts mentioned in the Purchase Contract, so you must tell us immediately if there is an error between the Purchase Contract and your instructions.
If we provide confirmation that is clearly a mistake on our part as the result of a technical or human error, it is not binding on us. You must notify us as soon as the mistake comes to your attention and we will reconfirm as soon as is possible.
If you as a buyer or seller ask us to hold your funds pending your Buying and Selling Commodities instruction, you must provide us with your instruction as soon as reasonably practical.
Sellers will provide accurate and complete required information for each commodity that is offered on our Online Portal and promptly update that information as necessary to ensure that it always remains accurate and complete at all times.
Seller will also ensure that Buying and Selling Commodity transactions, including their offer and subsequent sale on our Online Portal, complies in all respects with all applicable laws.
We will enable sellers to list commodities for sale on our Online Portal in accordance with this Agreement. We will provide order information to you for each order of a seller’s commodities. We will also receive all sales proceeds on sellers’ behalf for each of these Buying and Selling Commodity transactions and will have exclusive rights to do so, and will remit them to seller in accordance with this Agreement.
Buyer will be allowed to choose freight forwarder with their available shipping lines, and additional certification services as required for completing the Purchase Contract.
Buyer will be required to confirm the purchase contract by depositing the advance payment as notified through email with relevant document including Purchase Contract and Product Note. If buyer fails to deposit the required advance payment within stipulated time, the unconfirmed deal will be cancelled automatically. We may contact the buyer before cancelling the unconfirmed deal on best effort basis.
For commodities ordered by buyers on or through our Online Portal, we will determine the shipping and handling charges subject to our policies and standard functionality, and buyer will accept them as payment in full for their shipping and handling.
Sellers will offer, sell and fulfill buyers order(s) for Buying and Selling Commodity transactions up to delivery of the commodities to GCTP’s designated warehouse(s) in accordance with the Purchase Contract and this Agreement, in particular:
1. ensure that you are the seller of each of your commodities and identify yourself as the seller through the seller’s ID number of each of the commodities on all packing list or other information included or provided in connection with the commodities;
2. package the commodities, as per the Purchase Contract, complying with all applicable packing and labeling requirements and deliver to GCTP’s designated warehouse in time for the expected date of shipment;
3. ensure that the commodities supplied to GCTP designated warehouse, meet the required specifications and pass quality inspection by GCTP’s panel of quality inspectors at the expected standard of quality as per the Purchase Contract (“Quality Inspection”);
4. agree that weight, tally and Quality Inspection shall be as examined/assayed by GCTP’s panel of quality inspectors; and
5. not to make/establish contact with buyers in any form to confirm any aspect of the Buying and Selling Commodity transaction.
Buyers may confirm a Buying and Selling Commodity transaction upon the deposit of their advance payment. However, if advance payment has not been paid, during the period set out by us, then the instruction for the proposed Buying and Selling Commodity transaction will lapse with no loss or penalty to be borne by the Buyer, except that the Buyer may be restricted from undertaking any further Buying and Selling Commodity transactions, until cleared by us.
We will notify the buyer and the seller about the status of confirmed and unconfirmed transaction. If the Buyer fails to confirm the terms of Purchase Contract, we will make available the cancelled volume for other buyers.
Sellers are responsible for any non-performance, non-delivery, mis-delivery, theft, or other mistake or act in connection with the fulfillment of a Buying and Selling Commodity transaction, except to the extent caused by our failure to perform Fulfillment Services after receiving the commodities at our designated warehouse(s) and the commodities have passed the quality inspection process of GCTP.
We will confiscate your security deposit, if you fail to tender the commodity as per Purchase Contract and will compensate to the Buyer in accordance with the compensation policy. We will release the advance payment of the Purchase Contract and allow the Buyer either to withdraw the fund or use such funds in subsequent Buying and Selling Commodity transaction. We will compensate you in local currency and will credit your account with us as per the compensation policy.
Seller will be responsible to lift the commodity from the designated warehouse at their expense, if goods are rejected by the designated certification agency.
In any case, you as the seller are also responsible for any non-conformity or defect in, any public or private recall of, or safety alert of any of the commodities. You will notify us promptly as soon as you have knowledge of any public or private recalls, or safety alerts of the commodities in question, that may be being processed as part of a Buying and Selling Commodity transaction, and if that involves taking re-possession of the commodities by the seller, the seller shall do so at their own expense or shall be deducted from their security deposit.
If the buyer fails to deposit the final payment of the Purchase Contract, we will confiscate his advance deposit and will compensate to the Seller as per compensation policy. We will notify the Seller about the cancellation of the deal. The Seller shall lift the commodity from the warehouse within reasonable timeframe to avoid loss or destruction of goods at their own expense.
Sellers may apply to list each commodity they wish to offer on our Online Portal, subject to approval of GCTP. We may refuse listing of any of a Sellers’ commodities including on the basis that it is an excluded product or that it violates applicable policies. Sellers may withdraw listing of any commodities before execution of a Buying and Selling Commodity transaction. The Seller will not be able to cancel or withdraw listing once a Buying and Selling Commodity transaction is executed.
Sellers will, in accordance with applicable policies, provide accurate and complete information about commodities listed on GCTP and will promptly update any information in accordance with our requirements and as necessary so that the information is at all times accurate and complete.
Sellers will deliver to us commodities in accordance with applicable policies. Sellers are responsible to deliver commodities as per requirements/specifications in the Purchase Contract in a single delivery. In the case of any improperly packed or labeled commodities or commodities not as per Purchase Contract the seller will be informed by us that the commodities have been designated to be returned, and that the seller shall arrange for collection of their returned commodities at their own expense. In addition, commodities not meeting the requirements as set forth in the Purchase Contract agreement at the time of delivery to GCTP designated warehouse will not be accepted by us and the cost of replacement, cost of return or any other loss arising out of such a situation will be considered as negligence and as such, will be the sole responsibility of the Seller.
The Seller will also be responsible for timely replacing the commodities or any other alterations to the commodities in order to fulfill the Purchase Contract obligations in the timeframe as stipulated by us. We will facilitate the Seller on best effort basis, failure or delay from Sellers for making timely replacement/alterations to commodities are subject to but not limited to availability of warehousing space, vessel departure schedule or any other associated availability of services for Buying and Selling Commodity transaction. Cancellation of Buying and Selling Commodity transaction arising out of negligence will be subject to policies pertaining to default.
The Seller will be responsible for risk associated with the goods delivered to us against the Buying and Selling transaction (purchase contract) until the shipping documents have been issued in favor of the Buyer. We will purchase insurance cover from insurance agency on behalf of seller to cover the risks of loss or destruction of goods until goods have been delivered to shipping company or returned to seller.
We will transfer title of goods in favor of the Buyer once shipping documents (bill of lading) have been issued in the name of the Buyer. We will purchase an insurance cover on your behalf to protect your commodity from loss or destruction kept at the port.
We will also be responsible for marine export insurance cover from local insurance company in favor of the Buyer to protect them from loss of goods during voyage. We will make available the policy on the portal. We will only facilitate you in insurance claims which will be as per the terms and conditions of the designated insurance company as published on their website. We will keep electronic records that track inventory of commodities. We will not be required to physically mark or segregate commodities. If we elect to comingle commodities with such other inventory, both the buyer and seller agree that our records will be sufficient to identify which products are the relevant and applicable commodities. We may move commodities among designated warehouse(s) facilities.
If there is a loss of or damage to any commodities while they are being stored at GCTP designated warehouse after acceptance, the seller will be compensated in accordance with terms and conditions of the designated insurance company. At all other times, sellers will be solely responsible for any loss of, or damage to any commodities.
Our confirmed receipt of delivery does not:
• indicate or imply that any commodities have been delivered free of loss or damage, or that any loss or damage to any commodity later discovered occurred after confirmed receipt of delivery;
• indicate or imply that we actually received the number of commodities specified by the seller for such shipment; or
• waive, limit, or reduce any of our rights under this Agreement.
We reserve the right to change scheduling restrictions and volume limitations on the delivery and storage of your commodities in our warehouses and the buyer and seller will comply with any of these restrictions or limitations.
As part of our Fulfillment Services, we will ship commodities from GCTP designated warehouses to the Port of Destination as per information provided to us by the buyer and as confirmed in the Purchase Contract to those destinations we determine as appropriate in accordance with our policies.
We may with notice inform sellers to pick-up commodities from GCTP designated warehouse upon termination of this Agreement. Seller will be responsible to timely lift commodities with-in stipulated timeframe as communicated by us. We may dispose any commodities and the buyer or seller will be deemed to have consented to our action immediately if we determine that:
• the seller is unable to lift commodity with-in stipulated timeframe
• the commodities create a safety, health, or liability risk to us, our personnel, or any third party;
• the buyer or seller have engaged in fraudulent or illegal activity; or
• we have cause to terminate the buyer or seller’s use of our Fulfillment Services with immediate effect pursuant to this Agreement are exposed to liability towards a third party.
In addition, the buyer or seller (as applicable) will reimburse us for expenses we incur in connection with disposition of commodities.
Buyers may select the listed commodities they wish to purchase on our Online Portal, subject to approval of GCTP and fulfilment of Advance Payment from the buyer. We may refuse buying of a sellers’ commodities including but not limited to unavailability of the said commodities or services at the time of Buying and Selling Commodity transaction. Buyers may withdraw purchase of any commodities before execution of a Buying and Selling Commodity transaction.
Buyers will, at the time of placing order on GCTP, provide accurate and complete information about commodities required and pay the required Advance Payment to us in order to enter into Purchase Contract. Buyers are responsible to pay the remaining Advance Payment with-in stipulated timeframe after the commodity has passed quality assessment and narcotics and is accepted at GCTP warehouse. Buyers are responsible to pay for all costs incurred that includes but not limited to mandatory quality assessment certificates, non-mandatory certificates (if selected), costs pertaining to logistics and freight, marine insurance, handling and storage cost, required export documentation and certificates and or any other cost or fees arising out of shipment of commodity from GCTP designated warehouse to Port of Destination as per Purchase Contract. Buyers will not be able to cancel, alter or withdraw from a Purchase Contract once a Buying and Selling Commodity transaction is executed.
Buyers are responsible to timely make initial Advance Payment and remaining Advance Payment as set forth in the Purchase Contract agreement and notified by us. Failure to make remaining Advance Payment against a Purchase Contract will be treated as negligence and breach of agreement by Buyers and as such, the cost of return or any other loss or any other expense incurred will be deducted from the initial Advance Payment along-with penalization as per applicable policies. Cancellation of Buying and Selling Commodity transaction arising out of negligence will be subject to policies pertaining to default.
As between the seller of commodity, buyer of commodity, us, once the commodity has been accepted by GCTP after assessment of commodity, customs and narcotics and other requirements against the Purchase Contract, GCTP will be the shipper of record, and we will provide warehousing, export the commodity and accept payment for Buying and Selling Commodity transaction. GCTP will be responsible for electronically notifying the seller and buyer during the various stages of Buying and Selling Commodity transaction including but limited to acceptance/rejection of listing, execution of Purchase Contract, receipt of commodity at warehouse, acceptance/rejection of commodity at warehouse, movement of commodity from dock to ship, issuance of Bill of Lading (BL), delivery of documents enabling Buyers to take possession of commodity from Port of Destination etc. Title and risk of loss for any commodities shipped will remain with the seller, and will be transferred to the buyer upon issuance of BL and our provision of such shipping and rates will not create any liability or responsibility for us with respect to any delay, damage, or loss incurred during shipment.
We will have no customer service obligations other than to pass any inquiries to your attention at the contact you provide, and to make available a reasonable amount of information regarding the status of the fulfillment of a Buying and Selling Commodity transaction if the buyer or seller request it and if and to the extent we possess the requested information.
We will be responsible for all customer service issues relating to handling and shipment, and customer returns, refunds, and adjustments related to Buying and Selling Commodity transactions as per our policy.
In addition to your obligations under this Agreement, both the buyer and seller also agree to indemnify, defend, and hold harmless us, our affiliates, and our and their respective officers, directors, employees, representatives, and agents against any claim that arises from or relates to:
• the commodities (whether or not the title has been transferred to us) including any personal injury, death, or property damage;
• any of your taxes or the collection, payment, or failure to collect or pay your taxes; and, if applicable
• any sales, use, value added, personal property, gross receipts, excise, franchise, business, or other taxes or fees, or any customs, duties, or similar assessments (including penalties, fines, or interest on any of the foregoing) imposed by any government or other taxing authority in connection with the shipment of commodities.
The buyer and seller, on your behalf and any successors, subsidiaries, affiliates, officers, directors, shareholders, employees, assigns, and any other person or entity claiming by, through, under, or in concert with them (collectively, the "Releasing Parties"), irrevocably acknowledge full and complete satisfaction of and unconditionally and irrevocably release and forever fully discharge GCTP and each of our affiliates, and any and all of our and their predecessors, successors, and affiliates, past and present, as well as each of our and their partners, officers, directors, shareholders, agents, employees, representatives, advocates, and assigns, past and present, and each of them and all persons acting by, through, under, or in concert with any of them (collectively, the "Released Parties"), from any and all claims, obligations, demands, causes of action, suits, damages, losses, debts, or rights of any kind or nature, whether known or unknown, suspected or unsuspected, absolute or contingent, accrued or unaccrued, determined or speculative (collectively, "Losses") which the Releasing Parties now own or hold or at any time have owned or held or in the future may hold or own against the Released Parties, or any of them, arising out of, resulting from, or in any way related to the shipment, export, or delivery of your commodities comprised in Buying and Selling Commodities, including any tax registration or collection obligations.
The buyer and seller, on your behalf and all other Releasing Parties, recognize that you, and each of them, may have some Losses, whether in tort, product liability, contract, warranty, or otherwise, against the Released Parties of which you, or any of them, are totally unaware and unsuspecting, or which may arise or accrue after the date you register for or use our Fulfillment Services, which the Releasing Parties are giving up by agreeing to this Agreement. It is your intention in agreeing to this Agreement that this Agreement will deprive the Releasing Parties of each and all such Losses and prevent the Releasing Party from asserting any such Losses against the Released Parties, or any of them.
You further agree and acknowledge that we are only a facilitator and cannot be a party to any transaction on the Site. We shall neither be liable nor responsible for any actions or inactions of sellers nor any breach of conditions, representations or warranties by the sellers or manufacturers of the products and hereby expressly disclaim and any all responsibility and liability in that regard.
We shall not mediate or resolve any dispute or disagreement between buyer and/or the sellers or manufacturers of the products.
We further expressly disclaim any warranties or representations (express or implied) in respect of quality, suitability, accuracy, reliability, completeness, timeliness, performance, safety, merchantability, fitness for a particular purpose, or legality of the products listed or displayed or transacted or the content (including product or pricing information and/or specifications) on our Site or our mobile app.
The seller assumes responsibility for any misrepresentation concerning the quality, suitability, accuracy, reliability, completeness, timeliness, performance, safety, merchantability, fitness for a specific purpose, or legality of the products listed, displayed, transacted, or the content (including product or pricing information and/or specifications).
In addition, we disclaim any duties of a bailee or warehouseman, and you waive all rights and remedies of a bailor (whether arising under common law or statute or otherwise), related to or arising out of any possession, storage, or shipment of your products by us or our affiliates or any of our or their contractors or agents.
In addition to other representations and warranties in this Agreement, the seller represents and warrants to us that:
• you have valid legal title to all commodities and all necessary rights to distribute the commodities and to perform under this Agreement;
• you will deliver all commodities to us in in accordance with Purchase Contract and product specification and in a merchantable condition;
• all commodities and their packaging will comply with all applicable marking, labels as per requirements in Purchase Contract;
• no commodity is or will be produced, in whole or in part, by child labor or by convict or forced labor; and
• you and all of your subcontractors, agents, and suppliers involved in producing or delivering commodities will strictly adhere to all applicable laws including business and labor practices, such as working conditions, wages, hours, and minimum ages of workers.
As security for performance by you (as a buyer or seller) of all of the terms, covenants and conditions of this Agreement and a Purchase Contract, seller shall provide GCTP a security deposit equal to the amount as calculated on our Online Portal based on the particulars of the Purchase Contract and the applicable percentage rate to a buyer or seller as applied by GCTP at the relevant time (“Security Deposit”).
The Security Deposit shall be delivered to GCTP:
• by a seller at the time of listing commodities for sale on our Online Portal; or
• by a buyer at the time of confirming a Buying and Selling Commodities transaction in the form of Advance Payment as required and communicated by GCTP at the time of execution of Buying and Selling Commodity transaction (Purchase Contract).
The Security Deposit shall be held in accordance with the terms of this Agreement and shall be made in cash (paid through direct online bank transfer) or, in exceptional circumstances, in the form of a current dated cheque, in the amount of the Security Deposit.
The Security Deposit can be returned to a seller upon request by the seller, provided that no amount of the Security Deposit is already allocated towards a Purchase Contract or a Buying and Selling Commodity transaction. The Security Deposit shall be returned to a buyer in the event of the seller’s failure to deliver commodity to the buyer in accordance with the Purchase Contract.
GCTP shall have the right, following the occurrence of any default under the Purchase Contract or this Agreement by you, to apply any part of your Security Deposit to cure such default or otherwise in respect of any expenses or losses incurred by GCTP arising from such default, including the removal by GCTP of the seller’s commodity from GCTP’s warehouse in the event that the Quality Inspection was unsuccessful and the seller has not removed the commodity within such time as may be notified by GCTP.
In addition to the Security Deposit, within such time as may be notified by GCTP after the successful completion of the commodity’s Quality Inspection, the buyer shall deposit with GCTP the balance of any and all payments due to the seller as given in and towards settlement of the Purchase Contract. In the event of failure by the buyer to pay any and all balance amounts as required by the Purchase Contract for settlement within the specified, the buyer’s Advance Payment shall be confiscated and released to the seller pursuant to the terms and conditions of this agreement.
The balance payment made by a buyer pursuant to a Purchase Contract may be refunded in the event of failure to have the commodity leave Pakistan’s port of loading on the date as designated in the Purchase Contract.
Purchase Contract Payments – Buyer must pay us the amounts given in the Purchase Contract, on the Business Days’ for the milestones mentioned in the Purchase Contract, by paying into GCTP’s designated bank account. If we have not received the funds pursuant to the terms specified herein, we reserve the right to Close Out the Buying and Selling Commodities transaction.
Buyer must make all payments to our designated bank account electronically from a bank account in his name. We do not accept cash or cheques, unless we agree on an exceptional basis to receive cheques from the buyer.
We may “Close Out” (that is cancel) a particular Buying and Selling Commodities transaction or transactions, without notice to you:
• For any of the reasons set out in ‘When we do not need to follow your instructions’ above;
• Any information or warranty you have given us is or becomes, in our opinion, inaccurate, incorrect or misleading;
• In the event of your death or loss of mental capacity;
• In the event that bankruptcy proceedings are commenced against you or the occurrence of an Insolvency Event (as defined below);
• If you breach a material term of a Purchase Contract, this Agreement or of any Buying and Selling Commodities transaction; or
• If you terminate this Agreement.
When we Close Out a Buying and Selling Commodities transaction, we cancel the buy and sale instructions for a particular commodity and your Security Deposit will be confiscated for compensating the aggrieved parties as per the GCTP compensation policy.
If we Close Out a Buying and Selling Commodities transaction, we will send you a written statement explaining the amount of any sums that may be payable to us and the amount of any sums being withheld by us.
We will initiate a settlement process against the listed commodity based on Ex-Works price to the seller’s designated bank account in PKR after deduction of relevant taxes and bank charges, if any, within fourteen (14) Business Days following departure of the vessel from the port of departure subject to settlement of the Transaction(s).
If we receive any rebate or refunds from regulatory bodies against the Purchase Contract, we will credit your GCTP account accordingly and you may withdraw such funds or may use for subsequent Buying and Selling transaction.
We will transfer the settlement proceeds to your designated bank account once we have received and validated a funds withdrawal request from you.
You can request a withdrawal of all or part of the funds held in your GCTP account at any time. To do this you must log into your GCTP account and select a withdrawal method and enter the amount to be withdrawn.
We will validate your withdrawal request against the available free balance in your account. We will only transfer funds to your bank account registered with us.
You must not make a withdrawal to a bank account or other payment method if you are not the named holder. We take any violation of this requirement very seriously and will treat any attempt to use a payment method of which you are not the named holder as a fraudulent act.
You may receive lesser than withdrawal amount in your bank account due to services charges deducted by intermediary banks or payment service providers.
For the purposes of a withdrawal transaction, we are a payer and not a payment service provider. Where the withdrawal payment is received by you through the involvement of a payment service provider (such as the bank where you hold a bank account), we shall not be responsible for the withdrawal payment once the withdrawn funds are received by your payment service provider.
You must ensure that the payment details you enter when withdrawing funds are correct and complete including your bank account. We will not be liable for withdrawn funds being sent to the wrong account where this is due to you providing incorrect payment details. When withdrawing to a bank account, you must ensure that the account number, sort code, IBAN and/or BIC/SWIFT are correct. If you have withdrawn funds to the wrong account, you may request that we assist you in reclaiming the funds. However, we will charge you an administration fee for doing so and we cannot guarantee that the reclaim efforts will be successful.
Once our Fulfillment Service has been concluded and performed and provided that no amounts are owed to us, the funds we hold for you will be available for onward payment, based on your payment instructions.
All payments must be received by us in cleared funds and for the full amount being transferred, including any fees that may be payable, before we will pay out the funds.
It is your responsibility to ensure that accurate and complete payment instructions for the recipient of the payment are provided to us pursuant to the terms of this Agreement. You must provide us with full details of your recipient bank account, including the account number (which we rely on to make the payment), their full name and address and the full name and address of the recipient bank. If you fail to do so, we reserve the right to Close Out the Buying and Selling Commodities transaction.
We will pay your funds by electronic means only. We will not pay to you any interest or mark-up on any funds held by us whether by way of security deposit or otherwise.
If you ask us to pay the funds to you – you acknowledge and agree that we do not hold your funds on trust and will not put your funds into a separate bank account.
You or an Authorized Person can give us payment instructions and consent to a payment confirming the payment to the recipient on our Online Portals only, This may be using the security procedures provided to you.
We rely solely on the bank account number you give us for your recipient bank account and will not check to ensure that the name provided by you accords with the account number you have given us. We have asked you to provide us account maintenance certificate from your bank to ensure that funds are transferred from your own bank account.
In the case of an unauthorized payment or a payment that was incorrectly executed due to an error by us, we shall, as soon as practicable, refund the payment amount including all fees deducted therefrom. This shall not apply:
• where the unauthorized payment arises from your failure to keep the personalized security features of your GCTP account safe;
• if you fail to notify us without undue delay of any loss of your password or other security features or other event that could reasonably be expected to have compromised the security of your GCTP account after you have gained knowledge of such event in which case you shall remain liable for losses incurred until you notify us;
• if the transaction was unauthorized but you have acted fraudulently or compromised the security of your GCTP account with intent or gross negligence, in which case you shall be solely liable for all losses; or
• if you fail to dispute and bring the unauthorized or incorrectly executed transaction to our attention within 7 days from the date of the transaction.
We shall not be liable for any disruption or impairment of our service or for disruptions or impairments of intermediary services on which we rely for the performance of our obligations hereunder, provided that such disruption or impairment is due to abnormal and unforeseeable circumstances beyond our reasonable control or the control of the intermediary affected.
We shall not be liable for any indirect or consequential losses including but not limited to loss of profit, loss of business and loss of reputation. We shall not be liable for any losses arising from our compliance with legal and regulatory requirements.
We shall not be liable for the assessment or payment of any taxes, duties or other charges that arise from your use of the services provided in this Agreement.
You agree to defend, reimburse or compensate us and hold us and our other companies in our corporate group harmless from any claim, demand, expenses or costs (including legal fees, fines or penalties) that we incur or suffer due to or arising out of your or your agents'''' breach of this Agreement, breach of any applicable law or regulation and/or use of the services. This provision shall survive termination of the relationship between you and us.
In using our Fulfillment Services, you agree and acknowledge that you will not use our products and services for any unauthorized activities which shall include but not be limited to the following:
Money laundering – the concealment of the origins of illegally obtained money, typically by means of money transfers involving foreign banks or legitimate businesses. Evidence that would tend to show the potential of this would include depositing and withdrawing funds without trading, providing false contact information and providing false documentation;
Use of Unsuitable Documentation – documentation is required to be provided by you proving your identity and permanent address. Additionally, verification of a payment method, such as bank account, may also be required. Unsuitable documentation may include fake, forged or altered documentation, which extends to alterations made physically or by any digital means e.g. alterations made by a computer to a photograph or scan.
We reserve the right to take the appropriate action in circumstances where the terms and conditions of this Agreement have been breached. The consequences of breaching one or more of the conditions, deemed as “unauthorized activities”, could mean the suspension or closure of Buying and Selling Commodities transactions, and/or the suspension or closure of your account with us.
All intellectual property of our proprietary platforms, products and services belongs to us. We allow you only the access and the use of the platforms for the performance of Buying and Selling Commodities transactions.
Intellectual property includes but it is not limited to any copyright on materials, the platforms, software, processes, source code, websites, patents, designs, databases, patents, trademarks, methodology, know how, trade secrets, business plans, promotional and marketing material, in any sort of form.
We retain all rights, title and interest in all our intellectual property rights, arising out of this Agreement.
We only grant you with a non-exclusive permission to access and use our proprietary platforms or third party platforms that we manage and to benefit from our products and services.
You shall not attempt to access or use our Online Portal, any platform or applications (the "System") that we own or we manage, for any purpose that is not expressly authorized by this Agreement, including but not limited to the following actions: copy, merge or transfer copies, lease, sublicense, distribute, transfer, adapt, upgrade, modify, translate or timeshare, reverse engineer, disassemble, decompile, alter or amend our intellectual property, in whole or part; make variations, enhancements or improvements to the System; alter or amend any or all of the content of our on-line accounts or third party accounts that we manage (or any part thereof); use the System (or any part thereof) to store or otherwise archive in any form, any pricing data or other data provided via the System, for any purpose, without our prior consent.
You must be over 18 years of age, so as to enter into a contractual relationship with us.
We are not liable for any system failure either from your side or ours, including but not limited to internet connection, electricity power cut, telephone communication failure, high Internet traffic demand, malicious interference / access to your system or ours, hardware error, mobile applications non-compatibility with our System, including our proprietary or third party system.
We cannot guarantee that the software and / or the system that we own or we manage on behalf of a third party, is uninterrupted and error free or available at all times.
You will not transmit to or in any way, whether directly or indirectly, expose our System to any computer virus or other similarly harmful or malicious material or device.
In no event shall we be liable for lost profits or any special, incidental or consequential damages arising out of or in connection with our website, system, products and services, except as stated in this Agreement.
You agree to indemnify us and hold harmless with regard to any loss, damage, liability, cost or expense that we may suffer or incur due to your acts or omissions, misrepresenting, misleading acts or breach of your obligations arising out of this contractual relationship.
Our indemnification to you or any third party concerned, in any proven circumstances, is limited to the amount of money you maintain deposited in your account with us, relating to the transaction where such liability arose.
It is possible, but extremely rare, that a Buying and Selling Commodities transaction may be performed on a wrong price due to a mis-quote price based on any input received from a seller, or from any of our third party providers or through an unexpected technical fault.
Such events may affect your transactions and our business. In this case, we will take all the necessary measures, immediately, to remedy and rectify the situation, as it is fair and suited to each case. We may need to cancel any transaction(s) which are executed wrongly due to the "price misquote", for example from preset limit/pending orders been triggered due to mispricing. We make our best efforts to contact and inform you for our actions, by telephone or by e-mail.
In the unlikely event that we may need to suspend our services, on both our proprietary and third party platforms, we will terminate our relationship with you and subsequently close all transactions at payouts fair and reasonable at the time. Such payouts shall be determined by reference to the daily rates published on our Online Portal. Further to the above information, we may impose, at our discretion, trading volume and other restrictions on your accounts.
You may be liable to pay taxes arising out of your Buying and Selling Commodities activities, usually related to the profits you made, depending on the jurisdictions in which you are a tax resident in. We do not collect any taxes on your behalf. Also, we do not provide you with any tax advice and we do not deal with any tax related issues. Please address any tax related concerns to your tax advisor.
If you believe there has been a mistake or unauthorized payment, you must tell us as soon as possible. If you do not do so, we will not be liable to you for any loss. You should check deal confirmations and other information we provide you and contact us straight away if there is anything you are unsure of.
If you make a mistake (for example, you give us the wrong account details) and your funds are sent to the wrong account as the result, we will not be liable to you for any loss but we will make reasonable efforts to trace your money. Whether the funds can be recovered will depend on applicable law.
If we make a mistake and your funds are sent to the wrong account or incorrectly executed, then we will refund you and put you in the position you would have been in if the mistake hadn’t happened. We will not be liable to you if the recipient bank received the funds and made the error.
You agree you will take reasonable steps to assist us to recover any such funds if the mistaken recipient is related to you or associated with you in some way.
If there has been an unauthorized payment, we will refund you within 5 Business Days after you tell us unless:
• We reasonably believe you have acted fraudulently; or
• You have (with intent or gross negligence) failed to take care of your security procedures or failed to notify us without undue delay after becoming aware of the loss, theft or unauthorized use of your security procedures, where you will be liable for all losses.
Once you have notified us of the loss, theft, or misappropriation of your security procedures, in accordance with this Agreement, you will not be liable for any losses incurred in respect of any payments, unless you have acted fraudulently.
If we investigate further and find that you had authorized the payment, you will need to return any refund we gave you.
If you have a loss or damage because of something we have done or failed to do, you may be able to claim back the loss from us. However, we will not be liable to you:
• For indirect losses, loss of business, loss of opportunity or loss of profit;
• Where you have acted fraudulently or with gross negligence;
• Where you are in breach of this Agreement;
• Where we have acted consistently with our obligations under this Agreement;
• Where we could not have predicted your loss when you gave us the instruction; or
• For any failure or delay on our part where this was due to unavoidable, abnormal and unforeseen circumstances beyond our control, or such failure arose as a result of applicable laws and regulations.
These exceptions will not apply if we acted fraudulently, with gross negligence or we are at fault and the law doesn’t allow us to exclude or limit liability.
This Agreement will remain in force until terminated by you or us.
You may terminate this Agreement at any time without charge by notifying us in writing or telling us (we may ask you to confirm this in writing).
We may terminate this Agreement at any time by giving you two calendar months’ notice in writing. We may also terminate this Agreement immediately or on less notice, if we reasonably believe:
• You have seriously or repeatedly broken the terms of this Agreement;
• You give us false information;
• You are no longer eligible for a service;
• A service you have requested is connected to fraud, money laundering, terrorist financing, tax evasion, or other criminal activity;
• It would mean we may otherwise break the law, regulation, code, or other duty that applies to us or may expose us to claims by third parties;
• You threaten or are abusive to our staff;
• You have not used a service in 24 months;
• It could otherwise expose us or another GCTP Group Company to legal or regulatory action; or
• You become bankrupt or insolvent or appear to be subject to an Insolvency Event.
You must still complete any outstanding Buying and Selling Commodities transactions and payment instructions.
You agree that the following statements are true and accurate, and you acknowledge that we may refuse to process, or Close Out, any or all Buying and Selling Commodities transactions, if we find at any stage that they are not true and accurate:
• You are over the age of 18;
• You have full authority to enter into this Agreement and services under it;
• You are the beneficial owner of the money being transferred;
• You are not acting on behalf of another person unless you inform us that you are acting as:
o a sole proprietor;
o a partner of a partnership
o trustee of a trust; and
• You have a valid reason for entering into each transaction and will not enter into any Buying and Selling Commodities transaction for speculative purposes.
If you are acting as a trustee of a trust, this Agreement binds you in your personal capacity and in your capacity as trustee of the trust.
You agree to pay us any costs, expenses or fees we may reasonably incur as a result of your failure to perform your obligations under this Agreement. This includes any legal costs, on an advocate and own client basis, that we may incur in order to enforce our rights or recover any amounts you owe us. You also agree to pay us any fees, costs, duties and taxes validly charged by third parties in relation to the services you enter into, including fees charged by your recipient bank.
Our head office is at [●].
You can contact us by: Calling us at [●]
Sending us an email at [●].
This Agreement and all other documents we make available to you are written and available only in English and we will only communicate with you in English.
If you are not satisfied with any aspect of our service, please contact us in any of the ways set out in the “Our contact details” section above.
[For details of our internal complaint handling procedures please refer to our Complaints Policy which can be found on our website. Alternatively, you can ask us to send you a copy.]
If we are unable to resolve your complaint and you are a business, it must be submitted to mediation by a mediator appointed by the IBA Dispute Resolution Forum, or a similar body.
This Agreement shall be interpreted in accordance with the laws of Pakistan. Both parties submit to the exclusive jurisdiction of the courts of Pakistan, except for an action for injunctive relief, which may be brought in any appropriate jurisdiction.
“Group Companies” means any of our parent, affiliated or subsidiary companies and any other company lawfully acting under the GCTP brand or other GCTP group trading name.
“Insolvency Event” means:
• a meeting has been convened, resolution proposed, petition presented or order made for the winding up of the company;
• a receiver, receiver and manager, provisional liquidator, liquidator or other officer of the court has been appointed in relation to the company over all or any asset the company;
• a mortgagee or chargee has taken, attempted or indicated an intention to exercise its rights under any security under which the company is the mortgage or charger;
• the company has become insolvent;
• the company has stopped paying its debts as and when they fall due; or
• the company is subject to voluntary administration.
“GCTP Group Company” means us and/or any of our Group Companies.
The occurrence of any one or more of the following events shall constitute a material default of Purchase Contract or this Agreement by you:
(a) Fail to deliver commodity
If you are unable to guarantee the timely delivery of the commodity or fulfill any commitments you agreed to in relation to the Purchase Contract or these Service Terms, we reserve the complete authority to deduct various charges from your security deposit or advance deposit. These charges include, but are not limited to, the following:
| Services | % of Service Amount |
|---|---|
| Warehouse Charges | X% |
| Assayer Charges | X% |
| Insurance Charges | X% |
| Freight Charges (FC) | X% |
| Custom Charges | X% |
| GCTP Fee | X% |
(b) Fail to deliver specified quantity
If you are unable to provide the quantity specified in the Purchase Contract and committed at the time of placing the commodity at GCTP portal, we reserve the complete authority to deduct various charges from your security deposit or advance deposit. These charges include, but are not limited to, the following:
| Services | % of Service Amount |
|---|---|
| Warehouse Charges | X% |
| Assayer Charges | X% |
| Insurance Charges | X% |
| Freight Charges (FC) | X% |
| Custom Charges | X% |
| GCTP Fee | X% |
(c) Fails to deliver specified quality
If you are unable to provide the quality specified in the Purchase Contract and/or Product Note or committed at the time of placing the commodity at GCTP portal, we reserve the complete authority to deduct various charges from your security deposit or advance deposit. These charges include, but are not limited to, the following:
| Services | % of Service Amount |
|---|---|
| Warehouse Charges | X% |
| Assayer Charges | X% |
| Insurance Charges | X% |
| Freight Charges (FC) | X% |
| Custom Charges | X% |
| GCTP Fee | X% |
(d) Fails to clear ANF or custom clearance
In the event that your commodity is denied clearance by the Anti-Narcotics Force (ANF) or customs department at the port for any reason whatsoever, we reserve the complete authority to deduct various charges from your security deposit or advance deposit. These charges include, but are not limited to, the following:
| Services | % of Service Amount |
|---|---|
| Warehouse Charges | X% |
| Assayer Charges | X% |
| Insurance Charges | X% |
| Freight Charges (FC) | X% |
| Custom Charges | X% |
| GCTP Fee | X% |
(e) Fail to deposit final payment
Should you neglect to submit the complete and final payment within the specified timeframe stated in the Purchase Contract and Service Terms, we reserve the complete authority to deduct various charges from your security deposit or advance deposit. These charges include, but are not limited to, the following:
| Services | % of Service Amount |
|---|---|
| Warehouse Charges | X% |
| Assayer Charges | X% |
| Insurance Charges | X% |
| Freight Charges (FC) | X% |
| Custom Charges | X% |
| GCTP Fee | X% |
The purpose of this compensation policy is to establish guidelines for situations where you fail to fulfill your obligations or default on terms specified in the Purchase Contract or these service terms. In such cases, we will confiscate your security deposit, if you fail to tender the commodity as per Purchase Contract and will compensate the counter party from the defaulting party''''s advance deposit / security deposit. When a default or failure occurs, we will promptly notify the defaulting party in writing, specifying the nature of the default and the compensation amount being sought.
We may release the advance deposit / security deposit of the Purchase Contract and allow you to use such funds in subsequent Buying and Selling Commodity transaction. We will credit your account with us as per this Compensation Policy.
1. Definitions
a) Defaulting Party: The party that fails to fulfill its obligations or defaults on an agreement or contract.
b) Counter Party: The party that is entitled to receive compensation due to the default or failure of the other party.
2. Compensation Calculation
The compensation amount will be determined based on the actual losses incurred by the counter party as a result of the default or failure as mentioned in default policy, subject to the limits specified in the Purchase Contract or Service Agreement.
Address: 3B, 3rd Floor, Bahria Complex IV
Ch. Khalique-uz-Zaman Road
Gizri, Karachi – 75600, Pakistan
Phone: +92 310-000-GCTP (4287)
Email: [email protected]